Drug Influenced
Stocks slid downward this morning, extending
yesterday afternoon’s Merck-inspired sell-off. The decline is broad-based, with
technology making up the weakest sectors, while foreign- and oil-related sectors
represent the strength.
Market breadth is negative with down-volume
dominating up-volume by over 2:1 and 20 new 52-week lows on the NYSE.
Merck & Co.
(
MRK |
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PowerRating), down 4.04% to
58.25, yesterday warned that it does not expect its earnings to grow largely due
to disappointing sales of its arthritis drug Vioxx and overwhelming competition
from generic drug makers. Merck is the third-largest pharmaceutical company in
the world, with previous expectations of 8% growth in earnings.
Procter & Gamble Co.
(
PG |
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Chart |
News |
PowerRating), up 4.12% to
79.86, announced that it expects higher-than-expected earnings for next quarter,
the first time in four quarters. Health care and beauty products were cited as
being particularly strong.
American Express
(
AXP |
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Chart |
News |
PowerRating), down 4.35% to
32.77, announced it will cut 6,500 jobs in its travel-related business due to lagging
sales from the Sept. 11 attacks.
Leading sectors today are the Japan Index
(
$JPN.X |
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PowerRating), up
3.00% at 114.82, and the Disk Drive Index
(
$DDX.X |
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PowerRating), up
1.98% at 108.48.
The biggest losing sectors today are the
Biotechnology Index
(
$BTK.X |
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PowerRating), down 4.13% at
548.41, and the Natural Gas Index
(
$XNG.X |
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PowerRating), down 3.15% at 166.79.
From our percent gainers list:
Oakley Inc.
(
OO |
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PowerRating) is up
13.67% at 15.97 on
over five times average volume. This recreational eyewear producer announced
that it has reached an agreement to sell its product through Sunglass Hut.
CTS Corporation
(
CTS |
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PowerRating) is up
8.11% at 16.66 on less than 100% average volume. This electronics
instruments and control company announced the election of three new officers.
Crown Pacific Partners LP
(
CRO |
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Chart |
News |
PowerRating) is up
8.20% at 5.94 on over 100% average volume. This forestry and wood
products company has no news reported.
From our percent losers list:
Simplex Solutions Inc.
(
SPLX |
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Chart |
News |
PowerRating) is down
13.25% at 20.82 on less than 100% average volume. This software
and programming company has no news reported.
Dobson Communications Corporation
(
DCEL |
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Chart |
News |
PowerRating) is down
13.17% at
6.66 on over two times average volume. This communications services company
announced Monday that it would be bought by Verizon Wireless.
IMaxygen Inc.
(
MAXY |
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Chart |
News |
PowerRating) is down 11.80%
at 18.61 over 100% average volume. This biotechnology firm was
downgraded by JP Morgan to Long Term Buy from Buy.